Bitcoin Price Prediction for Today August 26: BTC Price Slumps and Breaks Below $20.7K
When Bitcoin Crashes and Drops Below $20.7K on August 26, 2022, It Runs the Risk of a Further Decline
As the price of Bitcoin (BTC) falls and breaks below $20.7K, it has been trading in a narrow range. Above the $21,000 support, the price movement has remained unchanged. Doji candles, which have a small body and are indecisive, and spinning tops currently dominate the price movement.
The current price of bitcoin is $20,664.45; its market capitalization is $395,371,298,529
Bitcoin has a total supply of $433,912,999,708 and a circulating supply of 19,132,993.00 BTC. It is ranked first on Coinmarketcap.
Levels of resistance: $50,000, $55,000, and $60,000
Levels of Support: $25,000, $20,000, and $15,000
As price breaks below the moving average lines, the price of Bitcoin (BTC) is in a downward trend. The 50-day line SMA has impeded the rising movement. The cryptocurrency has been holding above the recent support for the past week, but it hasn't managed to surpass the 50-day SMA. The current slide has been stopped by buyers, but they are unable to reestablish bullish momentum because higher price levels see less demand. On the negative, the price of BTC would further drop to the $18,965 price level if the bears breach the $20.790 support. The moving average lines will be broken if the $20,790 support holds and Bitcoin recovers. The $24,000 overhead resistance will be the target of the bullish momentum. In the interim, BTC/USD is back on track.
Research Shows That 72% of Russians Have Not Invested in Bitcoin
A cryptocurrency wallet company based in Switzerland is called Tangem. The wallet service polled Russian cryptocurrency investors online in July to get more information. The survey found that Russia has little knowledge of cryptocurrencies. According to a recent survey, the vast majority of Russians have never purchased cryptocurrency. According to the findings, 6% of respondents were determined to have a solid understanding of cryptography. Russian cryptocurrency investors are a sizable minority among the 2,100 respondents (72% of whom said they had never purchased cryptocurrencies like Bitcoin (BTC)). Only 5% of investors in the second group of respondents stated they had stopped buying cryptocurrencies. The remaining 23% said they still made monthly cryptocurrency purchases.
As it falls and breaks below $20.7K, selling pressure on Bitcoin has returned. If the bears break through the $20,790 support, the downturn will resume. On March 28th, a retraced candle body on a weekly chart tested the 61.8% Fibonacci retracement line. Retracement indicates that the price of BTC will decrease to level 1.618 of the Fibonacci retracement, or $11,822.39